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What is Form 990-PF?

Form 990-PF is used to calculate the taxes based on investment income, and to report charitable distributions and activities. Also, Form 990-PF serves as a substitute for Form 1041, U.S. Income Tax Return for Estates and Trusts, when the trust has no taxable income, section 4947(a)(1) nonexempt charitable trust's income tax return.

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Form 990-PF.

Form 990-PF Schedule-B

The IRS requires some additional information about contributions like money, securities, or other property which is worth at least $5,000 to be reported on
Form 990-PF Schedule B.

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“Private foundations are required to spend annually a certain amount of money or property for charitable purposes, including grants to other charitable organizations. A private foundation must make its annual returns and exemption application available for public inspection.”

Who must file Form 990 PF?

Form 990-PF is an annual information return that must be filed by the following foundations.

Exempt private foundations categorized under section 6033(a), (b), and (c).
Taxable private foundations categorized under section 6033(d)).
Organizations that agree for the private foundation status and the exempt status application is pending as on the due date must file Form 990-PF.
Organizations that claim private foundation status, haven't yet applied for exempt status, and whose application isn't yet untimely under section 508(a) for retroactive recognition of exemption.
Organizations that made an election under section 41(e)(6)(D)(iv).
Private foundations that are making a section 507(b) termination.
Section 4947(a)(1) nonexempt charitable trusts treated as private foundations (section 6033(d)).

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Form 990-PF filing requirements.

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When is the deadline to file Form 990-PF?

Private Foundations that operates on a calendar tax year (January 1 to December 31) should file their 990-PF return on or before May 15.

Private Foundation that operates on a fiscal tax year should file Form 990-PF before the 15th day of the 5th month following the
organization's tax year-end date.

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Information Required to File Form 990-PF

Here we have listed the few information required to file Form 990-PF:

Organization revenues and expenses
Investment incomes
Net assets or fund balances
Statements regarding activities of Organization
Information about Organizations Board Members
Summary of direct charitable activities and program-related investments
The distributable amount, and undistributed income
Income-producing activities

Informations Required to File form 990 PF

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Form990pf.com is powered by Tax 990 the leading E-file provider of Form 990-PF. Tax 990 makes the filing of Form 990-PF very easy and secure. The following are the highlights of Tax 990:

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Extension for Filing
Form 990-PF

If you need more time to file your Form 990-PF, you can request IRS
by Filing Form 8868.

IRS doesn’t require any explanation to file
Form 8868.

IRS provides an automatic 6 months additional time to file your 990-PF return.

File an Extension for Form 990-PF

Form 990-PF Late Filing Penalties

The IRS will impose a late filing penalty of $20/day ($105 a day if it is a large organization) for the Organizations gross receipts are less than $1,000,000 for the tax year and doesn’t provide any reasonable cause for late filing.

Failing to file Form 990-PF for three consecutive years will result in an automatic revocation of the tax-exempt status.

Learn more about Form 990-PF Penalties.